China Has Just Launched Its Official Coin or Has It?

[roadrunnerjaiv2025]

Finally, a major government has actually shown its confidence in cryptocurrency (or have I read the news wrong or it's just another ponzi scheme?--please correct me if I have). The last I check the coins are for sale at YuanPay Group and will eventually be offered in every crypto exchanger worldwide. I wonder how this will affect bitcoin's price moving forward (if this is true). As I understand it, a coin's price normally skyrockets during the first few days of launch. In the words of business magnate Sir Richard Branson, "Every time a major corporation announces even a small partnership with an individual cryptocurrency, that coin's value skyrockets." Overall, this is a big leap for crypto I suppose (if this is true).  

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Turns out it's a scam (thanks for confirming).

[TravelMug]

https://yuanpaygroup.com/

I'm a missing something here, look at the potential profits, seems like a Ponzi scheme to. Unless "e-Yuan" become the single monetary crypto currency globally, but I doubt it will happen.

[LogitechMouse]

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I'm a missing something here, look at the potential profits, seems like a Ponzi scheme to. Unless "e-Yuan" become the single monetary crypto currency globally, but I doubt it will happen.

If I will only base on the rate of return, its obvious that it is a scam. 1$ turning into 4395$ in just months is kinda impossible and I don't think that even some ponzi companies will do things like this.

On the other hand, the fact that it is backed by the government is a proof that it "maybe" is trusted or at least trusted for a bit. Better if I will not touch this or if you want then just invest 1$ only to just try. 1$ isn't that huge to give to the scammers .

[btcshiner]

PO Box address in Panama, hosted in the US, but approved by the Chinese government?  I don't think so. 

[prasadchavan12]

seems like a scam! non of the social media link works, site seems to have an IP: 104.18.55.142 located in US.


IP address   104.18.55.142   CHANGE
Latitude   37.751
Longitude   -97.822
Country   United States
Region   
City   
Organization   Cloudflare

[Darker45]

This is a total SCAM!

If China issues its official digital currency it wouldn't be coursed through third parties such as YuanPay Group. It would certainly be issued only through government agencies or through government-accredited banks.

Second, a Chinese-issued digital currency wouldn't be traded in cryptocurrency exchangers.

Third, there is no skyrocketing or mooning if we talk of a CBDC. It is the same as fiat. It is basically a digital fiat. So its value is highly stable.

And lastly, it wouldn't be made for sale.   

Again, this is a SCAM through and through!

[Twinkledoe]

This is a total SCAM!

If China issues its official digital currency it wouldn't be coursed through third parties such as YuanPay Group. It would certainly be issued only through government agencies or through government-accredited banks.

Second, a Chinese-issued digital currency wouldn't be traded in cryptocurrency exchangers.

Third, there is no skyrocketing or mooning if we talk of a CBDC. It is the same as fiat. It is basically a digital fiat. So its value is highly stable.

And lastly, it wouldn't be made for sale.   

Again, this is a SCAM through and through!

Definitely a SCAM! When I checked the return of your investment, wow that's very huge! What is the reason of that's overwhelming return? But there will be gullible users that will join this platform, for the mere thought that they will get rich quick. But I guess this is only to lure those users who will not question about the legitimacy of the project.

[crwth]

Thanks to TravelMug, I think I know what type of coin that is and it's not legitimate if they are offering "potential profits" with that. Imagine being a millionaire by investing 227.53 dollars. It feels like it's the "next bitcoin" if that happens. Lol.

Don't let the letter "G" get in your head. Greediness

[pooya87]

Finally, a major government has actually shown its confidence in cryptocurrency

it would hardly be the first!
other countries have shown a lot more interest. Japan and a couple of other countries for instance accepted bitcoin as a legal way of payment. Venezuela already has its own centralized altcoin called Petro, there are a couple of others that have also started creating their own.

(or have I read the news wrong or it's just another ponzi scheme?--please correct me if I have).

others already clarified the fact that it is a scam, i just want to add that when governments create their own altcoin they will introduce it as a payment system not something you invest in and make profit! and it will surely be pegged to their local currency so 1 GovCoin = 1 Fiat

I wonder how this will affect bitcoin's price moving forward (if this is true).

shitcoins have never had any significant effects on bitcoin price and they will never have.

[Yogee]

Is this the same "e-yuan" that was reportedly launched in May 2020 in an attempt to fool gullible people since the Chinese government announced developing a national digital currency? The real and official digital currency is still under development from what I have read https://cointelegraph.com/news/token-impersonates-chinese-digital-yuan-as-official-launch-date-remains-unknown

I wonder why this website hasn't been taken down yet. It's obvious that it's a ponzi.

[Wexnident]

Is this the same "e-yuan" that was reportedly launched in May 2020 in an attempt to fool gullible people since the Chinese government announced developing a national digital currency? The real and official digital currency is still under development from what I have read https://cointelegraph.com/news/token-impersonates-chinese-digital-yuan-as-official-launch-date-remains-unknown

I wonder why this website hasn't been taken down yet. It's obvious that it's a ponzi.

Most likely different, the creator of the site just probably used the news of the e-yuan as hype so people gullible enough to trust the info they said to invest quickly without bothering to do any research. I'm pretty sure that any news about the finalization of e-yuan would litter cryptocurrency news sites, as well as countless probable threads here or in economics. Didn't really find any news about it in a few sites I visited, so it is most likely a fake.

[michellee]

Their offers seem too good to be true because I see that if you buy in X amount, you will get XX amount. That is the double amount that you will get if you invest your money. Besides that, the social media that they have is not ready, and it's not linked to anywhere, so be careful if you want to invest with them.

But I can admit that they can convince the visitor or investor to invest with them because their website looks promising and looks real. The other links are not ready yet, and I wonder how they claim that they are most read articles in Forbes and Highly Trending Topic.

[AjithBtc]

Months back when Facebook came up with the plan of Libra and making it a global currency, China started to go in deep creating its own cryptocurrency. This has been taken forward associating with the People's Bank of China. This has been made as an effort to have their presence in the cryptospace. The software is under testing, and is scheduled for the launch in 2020. Op hasn't mentioned any proof stating the launch of the official cryptocurrency.

[cryptomaniac_xxx]

[]

https://yuanpaygroup.com/

I'm a missing something here, look at the potential profits, seems like a Ponzi scheme to. Unless "e-Yuan" become the single monetary crypto currency globally, but I doubt it will happen.

Good catch, and what baffles me is that this website is being mentioned by @Yogee and then warning people about potential scams, but they themselves is a scam itself. Chinese governments are very secretive and any statements should be coming from the government itself, perhaps from PBOC if ever they have rolled out their supposedly digital Yuan.

[The Cryptovator]

They claimed it's authorized by china governments but they hadn't attached any appropriate documents. Any governments wouldn't support the Ponzi scheme and YuanPay showing very high potential return on investment. They are a liar and all claims are fake since backed by nothing. Investing with YuanPay means you are going to lose your money today or tomorrow. Don't fall their greedy offer. I have visited their website, looking not potential to me. Even social media aren't working so better to avoid invest on it.

[kamadazje]

I am also curious about it as I am also reading some news that China has launch and open it's cryptocurrencies then many people are rushing just to get it based on the news that I read. I am very excited if that was true but base on the response here, there is a big chance that it is not true and the one that were being hype is a scam one especially that the marketing strategy is very obvious. 1$ to profit 4395$ within mere months. I will be looking forward for the launch of China's cryptocurrency as I know that they are in the process of creating and launching it in the near future.

[mersal]

Thanks for this thread, it could save lot of people from falling into this scam project.
Actually China is in the process of developing their CBDC for years already and they won't be releasing silently so don't trust the name but even if there is an official coin from China still no one is going to use it other than Chinese ( they might be forced to do) because the value is going to be same and in the investment point of view it is zero potential coin.

[Roidz]

It seems that China is very serious about destroying the current dominance of the US dollar, because as far as I know the goal of China to create their digital money is to release the domination of the country's currency exchange rate against the US dollar, and it seems that this intention will really be realized because the last June the Chinese side has submitted a cryptocurrency scheme proposal at the Chinese People's Political Consultative conference and they have trialled the digital yuan in several of its major cities.

[bttmember]

Someone is just trying to cash in on China's digital currency hype by posting such a scammy coin. Really i am impressed because these scammers are ready to take advantage of each and every occasion. But yes, some projects are too obvious especially for people who have faced such things before.

[BitcoinPanther]

Definitely  a scam.  Government will never promise a huge ROI since it will deplete their own stash  if they do it.  Aside from that, Chinese government will definitely use their own payment gateway and not a third party yuanpay.

This kind of action of scammers is too bold, I hope Chinese government will apprehend these criminals.  I hope people won't get greedy and fall into this kind of scam.